diff --git a/src/xlsx/conversion/cf_conversion.ts b/src/xlsx/conversion/cf_conversion.ts
index 980c3eb75f..6f8069336c 100644
--- a/src/xlsx/conversion/cf_conversion.ts
+++ b/src/xlsx/conversion/cf_conversion.ts
@@ -1,5 +1,4 @@
 import { ICON_SETS } from "../../components/icons/icons";
-import { tokenize } from "../../formulas";
 import {
   ColorScaleMidPointThreshold,
   ColorScaleThreshold,
@@ -8,6 +7,7 @@ import {
   IconThreshold,
 } from "../../types";
 import { ExcelIconSet, XLSXConditionalFormat, XLSXDxf } from "../../types/xlsx";
+import { prefixFormulaWithEqual } from "../helpers/misc";
 import { WarningTypes, XLSXImportWarningManager } from "../helpers/xlsx_parser_error_manager";
 import { convertColor, hexaToInt } from "./color_conversion";
 import {
@@ -76,9 +76,9 @@ export function convertConditionalFormats(
       case "cellIs":
         if (!rule.operator || !rule.formula || rule.formula.length === 0) continue;
         operator = convertCFCellIsOperator(rule.operator);
-        values.push(prefixFormula(rule.formula[0]));
+        values.push(prefixFormulaWithEqual(rule.formula[0]));
         if (rule.formula.length === 2) {
-          values.push(prefixFormula(rule.formula[1]));
+          values.push(prefixFormulaWithEqual(rule.formula[1]));
         }
         break;
     }
@@ -244,12 +244,6 @@ function convertIcons(xlsxIconSet: ExcelIconSet, index: number): string {
     : ICON_SETS[iconSet].good;
 }
 
-/** Prefix the string by "=" if the string looks like a formula */
-function prefixFormula(formula: string): string {
-  const tokens = tokenize(formula);
-  return tokens.length === 1 && tokens[0].type !== "REFERENCE" ? formula : "=" + formula;
-}
-
 // ---------------------------------------------------------------------------
 // Warnings
 // ---------------------------------------------------------------------------
diff --git a/src/xlsx/conversion/data_validation_conversion.ts b/src/xlsx/conversion/data_validation_conversion.ts
index f0520a1b22..51879b171b 100644
--- a/src/xlsx/conversion/data_validation_conversion.ts
+++ b/src/xlsx/conversion/data_validation_conversion.ts
@@ -7,6 +7,7 @@ import {
   DateIsNotBetweenCriterion,
 } from "../../types";
 import { XLSXDataValidation } from "../../types/xlsx";
+import { prefixFormulaWithEqual } from "../helpers/misc";
 import { WarningTypes, XLSXImportWarningManager } from "../helpers/xlsx_parser_error_manager";
 import {
   XLSX_DV_DATE_OPERATOR_TO_DV_TYPE_MAPPING,
@@ -65,9 +66,9 @@ export function convertDataValidationRules(
 }
 
 function convertDecimalRule(id: number, dv: XLSXDataValidation): DataValidationRuleData {
-  const values = [dv.formula1.toString()];
+  const values = [prefixFormulaWithEqual(dv.formula1.toString())];
   if (dv.formula2) {
-    values.push(dv.formula2.toString());
+    values.push(prefixFormulaWithEqual(dv.formula2.toString()));
   }
   return {
     id: id.toString(),
@@ -126,7 +127,7 @@ function convertCustomRule(id: number, dv: XLSXDataValidation): DataValidationRu
     isBlocking: dv.errorStyle !== "warning",
     criterion: {
       type: "customFormula",
-      values: [`=${dv.formula1.toString()}`],
+      values: [prefixFormulaWithEqual(dv.formula1.toString())],
     },
   };
 }
diff --git a/src/xlsx/helpers/misc.ts b/src/xlsx/helpers/misc.ts
index 990d4577d6..cdcaba850f 100644
--- a/src/xlsx/helpers/misc.ts
+++ b/src/xlsx/helpers/misc.ts
@@ -1,3 +1,4 @@
+import { tokenize } from "../../formulas/tokenizer";
 import { Dimension, ExcelHeaderData, ExcelSheetData } from "../../types";
 
 /**
@@ -80,3 +81,12 @@ export function getSheetDataHeader(
   }
   return sheetData.rows[index];
 }
+
+/** Prefix the string by "=" if the string looks like a formula */
+export function prefixFormulaWithEqual(formula: string): string {
+  if (formula[0] === "=") {
+    return formula;
+  }
+  const tokens = tokenize(formula);
+  return tokens.length === 1 && tokens[0].type !== "REFERENCE" ? formula : "=" + formula;
+}
diff --git a/tests/__xlsx__/xlsx_demo_data.xlsx b/tests/__xlsx__/xlsx_demo_data.xlsx
index 18d20909fe..dec255dfb3 100644
Binary files a/tests/__xlsx__/xlsx_demo_data.xlsx and b/tests/__xlsx__/xlsx_demo_data.xlsx differ
diff --git a/tests/xlsx/xlsx_import.test.ts b/tests/xlsx/xlsx_import.test.ts
index 23cc5c5737..1ee2c85be2 100644
--- a/tests/xlsx/xlsx_import.test.ts
+++ b/tests/xlsx/xlsx_import.test.ts
@@ -414,6 +414,18 @@ describe("Import xlsx data", () => {
     });
   });
 
+  test("Can import a data validation rule with a formula", () => {
+    const testSheet = getWorkbookSheet("jestDataValidations", convertedData)!;
+    const dvRule = getDataValidationBeginningAt("J2", testSheet);
+    expect(dvRule).toMatchObject({
+      criterion: {
+        type: "isBetween",
+        values: ["=$A$2", "=2+10"],
+      },
+      ranges: ["J2:J6"],
+    });
+  });
+
   test.each([
     ["2 colors max", "H2"],
     ["3 colors max", "H3"],